Home-cooking is the key to Memphis’s new recipe for Oak Court Mall

When Oak Court mall in Memphis, Tenn., went into foreclosure in 2023, it looked like the writing was on the wall—just another chapter in a familiar story we’ve seen play out for so many traditional enclosed malls. The ending of this story has a surprising twist, however. 

Oak Court got its start in 1961 as a freestanding multi-level Goldsmith's, a Memphis-based department store.  The store was one of the most profitable department stores in the country. A quarter century of additions and expansions later, the complex was connected to the construction of the modern mall footprint in 1986. Oak Court Mall officially opened for business in 1988 and the property quickly became a prominent feature on the city’s commercial real estate landscape.  

As a Memphis-based development team that specializes in creating socially dynamic retail centers, we’ve had our eyes on Oak Court Mall for some time. We were not alone in recognizing the mall’s potential. Together with a group made up of more than 70 current and former Memphians, we purchased the East Memphis mall complex for $14.25 million from Greystone Special Servicing last March. 

The fact that this new ownership group is made up exclusively of people who know and love the City of Memphis is critically important. These are people who are literally and figuratively invested in this city’s future and believe in the value of revitalizing this asset for their hometown. We all have different perspectives and insights, and every member is free to push back against group-think and work collaboratively to sort through concepts and come to the best possible solutions. 

The acquisition was a 100% equity deal, which frees the group up to engage in decision-making that is purely about what’s best for the property and for Memphis—without worrying about lender priorities and any limitations that might go along with that. 

Our collective vision for Oak Court is evolving, but adding a residential component is under consideration, as is re-inventing some of the mall’s excess parking. As we’ve learned with other revitalization projects both in Memphis and across the country, it’s not just about reimagining and reconfiguring, it’s also about generating renewed interest from members of the community. The best mall assets are true community centers in every sense of the word. As such, the plan is to cross the city on a “speaking tour” to help generate public interest—as well as get additional feedback from area residents on what they would like to see. 

We are fortunate to have JLL, Poag’s strategic leasing partner, leveraging its national mall management and leasing expertise on our behalf to maximize the potential of the property, both in the short term and into the future. It bodes well that the broader East Memphis area is seeing a wave of complementary new residential development, most notably The Standard at Germantown and the Mid-City Memphis development where The Racquet Club of Memphis used to be. 

It’s also noteworthy that those are also locally driven development projects. That local expertise and those Memphis connections are also something we believe will be important to Oak Court’s future. We plan to work collaboratively with other property owners and developers in the neighborhood, finding ways we can support each other and develop in a synergistic manner. That kind of collaboration and mutual support might not be unheard of in other markets, but it’s certainly rare—and it’s something that has long been a Memphis signature. 

Local energy. Local funding. Local knowledge. And national insights. It’s a recipe for success that promises to not only preserve a local landmark, but potentially transform it into a new profitable and popular commercial engine. If that locally sourced redevelopment momentum can be successfully channeled, Oak Court Mall will be not just an important part of Memphis’ history, but a rich and vital part of the city’s future, as well.

Josh Poag is President and CEO of Memphis-based Poag Development Group, a mixed-use developer that focuses on retail and experiential retail as the basis for value creation. Poag can be reached at [email protected].